“The former first director of CBDC development at the People’s Bank of China, Yao Qian, has been expelled from the Communist Party over allegations of corruption involving cryptocurrencies. In April, ForkLog reported that an investigation had been initiated against the official for “serious violations” of discipline and the law. At that time, the specialist held the position of director of the Bureau of Science and Technology Supervision at the China Securities Regulatory Commission. According to the results of the investigation, Yao was accused of falsely representing himself as a financial technology expert, […]”, — write: businessua.com.ua
The former first director of CBDC development at the People’s Bank of China, Yao Qian, has been expelled from the Communist Party over allegations of corruption involving cryptocurrencies.
In April, ForkLog reported that an investigation had been initiated against the official for “serious violations” of discipline and the law.
At that time, the specialist held the position of director of the Bureau of Science and Technology Supervision at the China Securities Regulatory Commission.
According to the results of the investigation, Yao was charged with falsely representing himself as an expert in financial technology, supporting technology service providers and abuse of authority.
He was accused of illegally accepting an “extraordinarily large amount” of funds and assets. The size is not specified.
The case was transferred to the prosecutor’s office for possible prosecution.
Yao is an important figure in the Chinese blockchain community. From 2017 to 2018, he was the first head of the digital currency research department of the local central bank and earned the nickname “Cryptopapa”.
After ceasing active CBDC development, Yao continued to explore the field. In 2021, he predicted that national digital currencies could one day run on Ethereum.
In 2022, his book dedicated to Web3 was published.
On April 8, 2024, Yao published an article on Bitcoin ETFs and US cryptocurrency regulation.
It will be recalled that since 2017, Yao Qian called CBDC the “pearl of fintech” and called for accelerating their launch.
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